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Subsequent Events
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

13.    Subsequent Events

 

On August 1, 2018, the Company completed the previously announced merger with Capella in accordance with the terms of the Agreement and Plan of Merger dated as of October 29, 2017, and changed its name from Strayer Education, Inc. to Strategic Education, Inc. Pursuant to the merger, Capella is a wholly-owned subsidiary of the Company. 

 

In addition, on August 1, 2018, the Company amended its existing credit facility to extend the maturity date of the revolving credit facility from July 2, 2020 to August 1, 2023, and to increase available borrowings from $150 million to $250 million, with an option to increase the commitments under the revolving facility by an additional $150 million. Borrowings under this new amended credit facility will bear interest at LIBOR or a base rate plus a margin ranging from 1.50% to 2.00%, depending on the Company’s leverage ratio; the quarterly unused commitment fee ranges from 0.20% to 0.30% per annum depending on the Company’s leverage ratio. Other terms are substantially similar to the Company’s existing credit facility. As of August 1, 2018, there are no outstanding borrowings under the amended credit facility. These events had no impact on the unaudited condensed consolidated financial statements as of June 30, 2018.